DB:0SR

Stock Analysis Report

Spar Nord Bank

Executive Summary

Spar Nord Bank A/S provides various banking products and services to retail, business, and public sector customers in Denmark.

Snowflake

Fundamentals

Adequate balance sheet average dividend payer.

Share Price & News

How has Spar Nord Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

8.1%

0SR

1.5%

DE Banks

1.4%

DE Market


1 Year Return

18.8%

0SR

-30.0%

DE Banks

3.7%

DE Market

Return vs Industry: 0SR exceeded the German Banks industry which returned -30% over the past year.

Return vs Market: 0SR exceeded the German Market which returned 3.7% over the past year.


Shareholder returns

0SRIndustryMarket
7 Day8.1%1.5%1.4%
30 Day14.1%-1.0%1.3%
90 Day9.8%-8.4%3.4%
1 Year26.1%18.8%-27.8%-30.0%7.0%3.7%
3 Yearn/a-5.9%-10.6%18.5%8.3%
5 Yearn/a-12.8%-33.9%42.2%22.9%

Price Volatility Vs. Market

How volatile is Spar Nord Bank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Spar Nord Bank undervalued compared to its fair value and its price relative to the market?

36.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: 0SR (€8.65) is trading below our estimate of fair value (€13.69)

Significantly Undervalued: 0SR is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: 0SR is good value based on its PE Ratio (10.2x) compared to the Banks industry average (15.7x).

PE vs Market: 0SR is good value based on its PE Ratio (10.2x) compared to the German market (19.3x).


Price to Earnings Growth Ratio

Low PEG Ratio: 0SR's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: 0SR is overvalued based on its PB Ratio (0.9x) compared to the DE Banks industry average (0.8x).


Next Steps

Future Growth

How is Spar Nord Bank forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-2.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0SR's earnings are forecast to decline over the next 3 years (-2.8% per year).

Earnings vs Market: 0SR's earnings are forecast to decline over the next 3 years (-2.8% per year).

High Growth Earnings: 0SR's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 0SR's revenue (1.1% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: 0SR's revenue (1.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: 0SR's Return on Equity is forecast to be low in 3 years time (9.2%).


Next Steps

Past Performance

How has Spar Nord Bank performed over the past 5 years?

5.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: 0SR's earnings have grown by 5.9% per year over the past 5 years.

Accelerating Growth: 0SR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 0SR had negative earnings growth (-20.7%) over the past year, making it difficult to compare to the Banks industry average (-11.7%).


Return on Equity

High ROE: 0SR's Return on Equity (9%) is considered low.


Return on Assets

ROA vs Industry: 0SR has a higher Return on Assets than the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate 0SR's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Spar Nord Bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: 0SR has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0SR's debt is covered by short term assets (assets are 1.256030x debt).


Financial Institutions Analysis

Asset Level: 0SR's level of assets compared to its equity is low.

Allowance for Bad Loans: 0SR has a low allowance for bad loans.

Low Risk Liabilities: 0SR's liabilities are made up of primarily low risk sources of funding.

Loan Level: 0SR has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0SR's loans are broadly funded by customer deposits.

Level of Bad Loans: 0SR has a high level of bad loans (6.65%)


Next Steps

Dividend

What is Spar Nord Bank's current dividend yield, its reliability and sustainability?

5.30%

Current Dividend Yield


Dividend Yield vs Market

company5.3%marketbottom25%1.5%markettop25%3.8%industryaverage3.7%forecastin3Years5.2%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: 0SR's dividend (5.3%) is higher than the bottom 25% of dividend payers in the German market (1.47%).

High Dividend: 0SR's dividend (5.3%) is in the top 25% of dividend payers in the German market (3.83%)

Stable Dividend: 0SR has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 0SR's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.1%), 0SR's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0SR's dividends in 3 years are forecast to be covered by earnings (50.3% payout ratio).


Next Steps

Management

What is the CEO of Spar Nord Bank's salary, the management and board of directors tenure and is there insider trading?

19.5yrs

Average management tenure


CEO

Lasse Nyby (59yo)

19yrs

Tenure

ø5,100,000

Compensation

Mr. Lasse Nyby has been Chief Executive Officer of Spar Nord Bank A/S at Spar Nord Leasing A/S since October 2000. Mr. Nyby serves as Member of Management Board of Spar Nord Bank A/S at Spar Nord Leasing A ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Lasse's total compensation is reasonable compared to companies of similar size in the German market.

Compensation vs Earnings: Lasse's compensation has been consistent with company performance over the past year.


Management Age and Tenure

19.5yrs

Average Tenure

59.5yo

Average Age

Experienced Management: 0SR's management team is seasoned and experienced (19.5 years average tenure).


Board Age and Tenure

4.5yrs

Average Tenure

54yo

Average Age

Experienced Board: 0SR's board of directors are considered experienced (4.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Jan Poulsen (58yo)

    Head of Funding

    • Tenure: 0yrs
  • Lasse Nyby (59yo)

    CEO & Member of Executive Board

    • Tenure: 19yrs
    • Compensation: ø5.10m
  • Lars Møller (62yo)

    Managing Director & Member of Executive Board

    • Tenure: 19.5yrs
    • Compensation: ø4.30m
  • John Lundsgaard (55yo)

    Managing Director & Member of Executive Board

    • Tenure: 19.8yrs
    • Compensation: ø4.30m
  • Poul Christensen (67yo)

    Senior Vice President

    • Tenure: 0yrs
  • Trine Haals (60yo)

    Principal Administrative Officer

    • Tenure: 0yrs
  • Ole Madsen

    Senior Vice President of Communication & Business Development

    • Tenure: 0yrs
  • Kai Max-Jakobsen

    Managing Director of Vejgaard

    • Tenure: 0yrs
  • Karin Duerlund

    Head of Legal Department

    • Tenure: 0yrs
  • Thorkild Mathiesen

    General Manager of Finance & Accounts

    • Tenure: 0yrs

Board Members

  • Kjeld Johannesen (66yo)

    Chairman

    • Tenure: 3.5yrs
    • Compensation: ø800.00k
  • Per Bukh (54yo)

    Deputy Chairman of the Board

    • Tenure: 3.5yrs
    • Compensation: ø600.00k
  • Jannie Skovsen (54yo)

    Director

    • Tenure: 11.8yrs
    • Compensation: ø300.00k
  • Laila Mortensen (54yo)

    Director

    • Tenure: 7.5yrs
    • Compensation: ø400.00k
  • Kaj Christiansen (64yo)

    Director

    • Tenure: 7.5yrs
    • Compensation: ø400.00k
  • Gitte Sørensen (54yo)

    Director

    • Tenure: 7.8yrs
    • Compensation: ø300.00k
  • John Sørensen (62yo)

    Director

    • Tenure: 4.5yrs
    • Compensation: ø400.00k
  • Morten Gaardboe (51yo)

    Independent Director

    • Tenure: 3.5yrs
    • Compensation: ø300.00k
  • Lene Aaen (49yo)

    Director

    • Tenure: 1.5yrs
    • Compensation: ø200.00k

Company Information

Spar Nord Bank A/S's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Spar Nord Bank A/S
  • Ticker: 0SR
  • Exchange: DB
  • Founded: 1824
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: ø8.113b
  • Listing Market Cap: ø1.086b
  • Shares outstanding: 122.92m
  • Website: https://www.sparnord.com

Number of Employees


Location

  • Spar Nord Bank A/S
  • Skelagervej 15
  • PO Box 162
  • Aalborg
  • North Denmark Region
  • 9100
  • Denmark

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPNOCPSE (OMX Nordic Exchange Copenhagen)YesShare CapitalDKDKKJan 1992
0JH4LSE (London Stock Exchange)YesShare CapitalGBDKKJan 1992
SPNOCBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBDKKJan 1992
0SRDB (Deutsche Boerse AG)YesShare CapitalDEEURJan 1992

Biography

Spar Nord Bank A/S provides various banking products and services to retail, business, and public sector customers in Denmark. It offers deposits, loans, advances, and guarantees, as well as mortgage credi ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/19 22:04
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.